Noida Extn Builders would approach Supreme Court for relief
Describing the Allahabad high court order as a “big blow” to them, Builders and developers will press for a judicial review to protect the interest of 30,000 home buyers. Unlike Sahberi where only minimal work had been done, major construction work is already underway in Patwari. The Allahabad high court order denotifying 589 hectares in Patwari is a big blow to real estate developers in Noida Extension.
They will press for a judicial review to protect the interest of 30,000 home buyers, including 4,250 individual allottees , who got plots in the schemes floated by the Authority . If the other projects in the Noida Extension area are also scrapped, 15,000 additional home buyers will be affected.
The builders have collected around Rs 1,500 crore from the investors and substantial amounts have been spent on construction. The cost of 26,000 flats will be nearly Rs 4,000 crore, assuming an average cost of Rs 15 lakh per flat. If you include the interest component for those seeking refund, the liability of builders is even more.
“We are willing to become a party in the matter and will approach the SC along with all buyers and developers in the area seeking relief against the order on Patwari,” said national vice-president of the Confederation of Real Estate Developers’ Associations of India (CREDAI)Geetambar Anand at a press meet on Tuesday evening. “The present crisis is the fault of the land seller i.e the Authority and not the developers ,” he added.
“In Patwari, major construction work is underway – roads, schools, hospitals and many IT offices also fall in the affected area,” said Anil Sharma of Amrapali Developers. “All the developers had gone to meet the Authority CEO Rama Raman to seek clarity on the status of our projects. Till now we do not know which part of our projects have been affected by the Patwari order. In most cases, our projects spill over into different villages,” he added.
Stressing that “only parts of each of their projects had been affected” , the developers said “protecting the buyers’ interest was supreme priority” for them. But they were quite short on specifics. “We have been stressing that we will protect the buyers’ interest and we need some time to decide on our next course of action,” said R K Arora , MD, Supertech.
Allahabad high court order, Builders would approach Supreme Court, Delhi NCR, Noida, Noida Extension, Noida Extension Real estate, Patwari, Sahberi
